OER extends acquisition completion date

Oando Energy Resources Inc.

Oando Energy Resources Inc. (TSX: OER), a company focused on oil and gas exploration and production in Nigeria, has extended the completion date of its proposed acquisition of ConocoPhillips' (NYSE: COP) Nigerian upstream oil and gas business to April 30.

Pursuant to an amendment agreement executed on March 27, OER and ConocoPhillips agreed to extend the outside date for completion of this acquisition from March 31 to April 30 to enable the companies to satisfy all closing conditions including the anticipated consent of the Honorable Minister of Petroleum Resources in Nigeria.

In consideration of this extension, OER has consented to increasing its deposit by $25 million on April 17, if the consent of the Honorable Minister of Petroleum Resources is not received on or before April 11.

OER said that it continues to work with ConocoPhillips to fulfil all conditions precedent for closure of this transaction.

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